The House of Representatives Committee on Public Assets has queried the Ministry of Finance Incorporated (MOFI) regarding its unauthorized spending on operations without budgetary approval. The committee, chaired by Rep. Ademorin Kuye (APC-Lagos state), expressed disappointment with MOFI for not fulfilling its mandate to enhance government revenue.
During a public hearing in Abuja, Kuye criticized the agency for its alleged reckless expenditure and failure to improve government revenue. He demanded that MOFI provide detailed documentation on its revenue and expenditure, setting a seven-day deadline for submission.
Kuye outlined specific requests for MOFI, including:
- Classes of Assets: A list of various assets, including shares of publicly traded entities, limited liability entities, foreign-based businesses, and improvements made to them, along with their contributions to GDP.
- Financial Assets: Details on public and private equities investments, fixed income, hedge funds, and real estate, including their values and revenue generated over the past ten years.
- Cash Flow Transactions: Information on concession agreements and public-private partnerships, including a list of concessions, revenue generated, and evidence of such revenue.
- Mineral and Intangible Assets: Extent of investments in minerals and hydrocarbons, and their benefits to Nigeria.
Additionally, Kuye requested a list of the 52 companies in MOFI’s portfolio, which are valued at an estimated 18 trillion naira and employ over 15,000 individuals.
In his ruling, Kuye accused MOFI of wasting legislative time and instructed the Managing Director, Dr. Armstrong Takang, to submit all relevant documents. The hearing was adjourned to a later date.